is not subject to discount pricing.
Additional Credit Available:
Optional Insurance CE
Optional CPA CPE
This course—Contractual Risk Transfer in Construction—provides a general overview of contractual risk transfer in construction contracts and subcontracts, with specific attention to those provisions that present risk and insurance implications for contractors. It reviews the structure of construction contracting relationships and the key provisions in which responsibilities and liabilities are allocated to the contracting parties, and suggests methods to equitably allocate these liabilities. It also examines processes for ensuring the effectiveness of contractual risk transfers, and identifies problems that may arise if contracts are not properly reviewed and their risks managed.
This is an intermediate level self-study course. Students who successfully complete this course will be able to:
- select suitable recommendations and strategies for fairly and legally allocating contract risks based on where the entity falls in the construction "food chain";
- identify problematic construction contract provisions, and propose appropriate recommendations in the drafting or negotiation of contract insurance requirements;
- identify insurance requirements that may not be obtainable in the marketplace, and alternatives that may be acceptable to the contracting parties, identify gaps between a contractor’s contractually assumed liabilities and its contractual liability insurance coverage, and assist in obtaining compliance with additional insured coverage requirements;
- identify the scope of coverage provided under an owners and contractors protective (OCP) liability insurance policy and list its advantages and disadvantages as a risk funding alternative; and
- select appropriate procedures and processes for obtaining and maintaining verification of compliance with contract insurance requirements.
This course requires a basic knowledge of commercial liability insurance and construction contracting principles.
CPE Field of Study
WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference services. IRMI publications are considered the ultimate authority by leading insurance practitioners and even federal appellate courts when interpreting insurance coverage. Use the knowledge you gain from IRMI CE courses with confidence, knowing they are written by seasoned insurance professionals who employ diligent quality assurance standards to provide the most up-to-date, practical, and reliable information possible.